Investing.com - Visa (NYSE:V) reportedly is close to buying privately held financial-technology company Plaid, The Wall Street Journal reported, citing people familiar with the matter.
Visa (NYSE:V) closed 0.8% higher on Monday and shares were up slightly in after-hours trading.
A deal between the two financial companies could be announced this week, the people said, though it remains possible it could fall through. The financial details of the deal were unknown at this stage, according to the report. Plaid was valued at roughly $2.65 billion in a 2018 funding round.
Plaid uses software to produce and aggregate customers’ bank-account data for financial-services providers. The acquisition would help Visa create a platform that allows money to move between bank accounts and rival services like Zelle and PayPal's (NASDAQ:PYPL) Venmo.
The news of a potential acquisition comes just months after Visa acquired Earthport, a cross-border payment services company, in May last year.